Updated June 25, 2024
6 min read
A contracts manager oversees the creation and maintenance of contracts between a company and its clients or vendors. They ensure that all parties involved meet their obligations and follow the terms of the agreements. Contracts managers also negotiate and draft new contracts, review legal documents, and manage contract databases. They collaborate with departments such as legal and finance to make sure contracts are legally binding and financially sound. Overall, a contracts manager handles a company's contractual relationships.
How long does it takes to become a contracts manager?
It typically takes 4-8 years to become a contracts manager:
- Years 1-4: Obtaining a Bachelor's degree in a relevant field, such as business, law, or finance.
- Years 5-6: Accumulating the necessary work experience in duties such as contract negotiation, administration, and management.
- Years 7-8: Completing on-site and on-the-job training for further development of skills and knowledge in contracts management.
ScoreContracts ManagerUS Average
Salary
5.7
Avg. Salary $72,691
Avg. Salary $59,228
Stability Level
8.1
Growth Rate -6%
Growth Rate 0.3%
Diversity
3.1
Race
American Indian and Alaska Native 0.30%
Asian 7.41%
Black or African American 9.02%
Hispanic or Latino 12.21%
Unknown 3.82%
White 67.23%
Gender
female 45.96%
male 54.04%
Age - 47
Race
American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Gender
female 47.00%
male 53.00%
Age - 47
Stress Level
8.1
Stress level is high
7.1 - high
Complexity Level
8.7
Complexity Level is advanced
7 - challenging
Work Life Balance
3.4
Work Life balance is poor
6.4 - fair
What are the pros and cons of being a Contracts Manager?
Pros
Opportunity for career growth and development
Opportunity to develop strong analytical and research skills
Ability to work on complex and challenging projects
Chance to work in multidisciplinary teams
Flexibility to work in different locations/industries
Cons
High level of responsibility and accountability
High-stress environment due to tight deadlines
Chance of having little control over the terms of the contracts
Risk of legal disputes and conflicts
Possibility of being required to travel frequently
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Contracts Manager career paths
A contracts manager can grow into various positions. Many move into project management roles, overseeing projects from start to finish. Others become purchasing managers, responsible for buying the right materials at the right price. Some can even move into director roles, overseeing entire departments.
Key steps to become a contracts manager
Explore contracts manager education requirements
The educational requirements for a contracts manager are typically a bachelor's degree. According to a study, 75% of contracts managers hold a bachelor's degree. The most common majors for this role are business, law, accounting, political science, and management. Some contracts managers also pursue certifications such as Certified Professional contracts manager, Certified Federal contracts manager, Project Management Professional, Certified Manager Certification, and Certified Purchasing Manager. Top schools for contracts management include Stanford University, University of Pennsylvania, Northwestern University, Maine Maritime Academy, and University of Southern California.
Most common contracts manager degrees
Bachelor's
62.5
%
Master's
14.9
%
Associate
11.3
%
Start to develop specific contracts manager skills
A contracts manager must have strong analytical skills, be able to manage multiple projects simultaneously, and possess excellent interpersonal and team management skills. They are responsible for reviewing contracts, identifying potential problems, and providing contract risk assessment. They must also coordinate with government agencies to audit company compliance and monitor adherence to corporate conflict of interest policy. This role requires the ability to negotiate contracts, manage relationships with vendors and service providers, and ensure that all contracts comply with company policies and regulatory requirements.
Skills Percentages Contract Management 9.25% Contract Administration 5.53% Contract Terms 5.20% Project Management 4.57% Customer Service 4.28% Show more
Complete relevant contracts manager training and internships
Accountants spend an average of 3-6 months on post-employment, on-the-job training. New contracts managers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a contracts manager based on U.S. Bureau of Labor Statistics data and data from real contracts manager resumes.
Research contracts manager duties and responsibilities
A contracts manager's responsibilities vary widely. They manage litigation, review contract performance, prepare reports for senior management, and coordinate with HR representatives and business managers. They also maintain excellent organizational and analytical skills, hold signature authority, and ensure compliance with established company guidelines. They prepare ITAR registrations, provide interpretations of contracts, and conduct financial analysis. They also interface with government agencies, monitor adherence to corporate conflict of interest policy, and coordinate internal and external efforts in contract administration.
- Manage ISO requirements for sales and marketing.
- Manage IDIQ contracts including task and delivery orders.
- Manage RFI's and change orders through close out.
- Manage all material for a non MRP driven program manually.
Prepare your contracts manager resume
When your background is strong enough, you can start writing your contracts manager resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a contracts manager resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose From 10+ Customizable Contracts Manager Resume templates
Build a professional
Contracts Manager
resume in minutes. Browse through our resume examples to identify the best way to word your resume.
Then choose from 10+ resume templates to create your Contracts Manager resume.Apply for contracts manager jobs
Now it's time to start searching for a contracts manager job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How Did You Land Your First Contracts Manager Job
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Average contracts manager salary
The average Contracts Manager salary in the United States is $72,691 per year or $35 per hour. Contracts manager salaries range between $45,000 and $116,000 per year.
Average
Contracts Manager
Salary
$72,691Yearly
$34.95
hourly
More contracts manager salary info
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How do contracts managers rate their job?
Contracts Manager FAQs
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Updated June 25, 2024
Zippia Team
Editorial Staff
The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.
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Updated June 25, 2024
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